Not sure which amuses me most. Probably ExxonMobil…
Either way it’s a typical case of highly invested interest, where these companies would have to fundamentally change or face extinction in a low carbon society.
My favourite book on the subject remains Mike Berners-Lee and Duncan Clarke’s ‘The Burning Question’. I recommend you read it. The following figures are taken from their book.
The invested interest is so very simple to see. We can burn 565 gigatonnes more CO2 to have a reasonable chance of preventing 2°C warming across the planet.
There are approximately 2,795 gigatonnes of carbon in known resources of fossil fuels around the globally. These assets are already incorporated in the market values and share prices of these companies. JP Morgan estimates these resources to be worth up to $27 trillion dollars. To even have a tiny chance of staying under 2°C it would involve wiping off about $20 trillion in assets.
All of a sudden their responses make perfect business sense. Even if the planet has to burn as a result…
underonesky 